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HPS Hammond Power Solutions Inc. Hammond Power Solutions Inc. QUARTER 3 , 2021 FINANCIAL RESULTS ( Dollar amounts are in thousands unless otherwise specified ) HIGHLIGHTS Sales increased 22 % to $ 95.5 million in Qtr . 3 , 2021 from $ 78.1 million in Qtr . 3,2020 Order backlog increased 29 % over prior year • • • Net Earnings increased 14 % in the quarter and 9 % year - to - date • Earnings per share increased to $ 0.34 in the quarter and to $ 0.93 year - to - date Guelph , Ontario , October 21 , 2021 - Hammond Power Solutions Inc. ( " HPS " ) ( TSX : HPS.A ) a leading manufacturer of dry - type and cast resin transformers and power quality products , today announced its financial results for the Third Quarter of 2021 . THIRD QUARTER RESULTS " We generated meaningful improvements in our financial performance during the third quarter and I am very proud of how Hammond Power Solutions is performing during a challenging time , " said Bill Hammond , Chairman and CEO of Hammond Power Solutions . " As the year has progressed , our top line is starting to reflect the price increases that we have implemented due to the most significant rise in material costs for core steel , copper and aluminum in decades . Sales through our expanded U.S. distributor network have been growing at the highest rate we've seen as the U.S. economy recovers from the pandemic . In addition , we are seeing significant growth and future opportunities in sectors such as oil and gas , mining , and data centers . Additionally , as the global economy starts to recover , there is renewed export activity from our U.S. - based OEMS who ship their products abroad . We are confident that this positive momentum will continue into the year ahead as demand and activity continues to rebound from the pandemic lows of 2020. " " We drove improved year - over year profitability in the third quarter by implementing price increases to keep in front of inflating commodity prices . The price increases that we have implemented thus far have driven sales dollars in the quarter , but underlying this are stronger sales volumes , supported by the strength of our U.S. distribution network and a recovering economy , " said Richard Vollering , CFO of Hammond . " Although the timing of rapidly rising commodity and logistics costs have created some challenges with maintaining margins in the quarter , we have taken the right steps to ensure that we are pricing our products appropriately to protect our margins in the upcoming quarters . " Sales for the quarter - ended September 25 , 2021 were $ 95,526 , an increase of $ 17,411 or 22.3 % from Quarter 3 , 2020 sales of $ 78,115 . The increase in sales was driven by a combination of greater sales volume and higher selling price realization , partially offset by a weaker U.S. dollar relative to 2020. Year - to - date 2021 sales increased $ 21,996 , or 9.1 % , to $ 263,924 compared with $ 241,928 in 2020. Sales in the United States ( " U.S. " ) stated in Canadian dollars increased by $ 15,730 or 34.5 % , finishing at $ 61,338 for Quarter 3 , 2021 compared with $ 45,608 in Quarter 3 , 2020. Year - to - date U.S. Page 1 of 5